Blockchain

Most of people think ,Blockchain technology is related to cryptocurrencies such as Bitcoin, blockchain offers security that is useful in many other ways.

In the simplest of terms, Blockchain can be described chain of blocks that contains information. you can only add data in blockchain, not take away from or change. The term “chain” means that you’re making a chain of data. Once a data is recorded inside a blockchain, it is very difficult to change it. Blockchain is basically use for secure transfer like money, property, contracts, etc. without any third-party intermediary like government or bank. Blockchains can not be run without the Internet.

Bitcoin

Bitcoin (₿) is a cryptocurrency. It is an innovative payment network and a new kind of money. There are no physical bitcoins, only balances kept on a public ledger that everyone has transparent access to. Wee need to understand Blockchain is not Bitcoin, but Blockchain technology behind the Bitcoin

We deposit physical cash or money in Bank and bank just maintain record of all account holder. Bank manage by Central Bank like RBI in India. Basically bank maintain leader for all account holder and that record or numbers is money for peoples. If we need to transfer money from one person to other person then Bank is mediator.

In Cash of Bitcoin, Bitcoin is a decentralized digital currency, without a central bank or single administrator It can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. it is maintain balances in public ledger.

Blockchain Architecture

A Blockchain is a chain of blocks which contain data. The blockchain architecture contain of the elements like a node - user or computer that has a complete copy of the blockchain ledger, block - a data structure used for keeping a set of transactions and records - the smallest building block of a blockchain system (records, data, etc.). chain - refers to the database created by the network of computers, correlated within each other. All blocks in a specific order are arranged in a chain with miners that help to verify each block. The data which is stored inside a block depends on the type of blockchain.

Blockchain architecture is similar to the ledger. Therefore, it can be organized according to the blockchain design and architecture. In general, there are three kinds of blockchain architecture in use:

• Public blockchain: It is visible to everyone on the internet. It is open and transparent to all participants, and generally requires time to compute new records.

• Private blockchain: It is within a single organization and Regulated by a specific group, and therefore, more centralized than others.

• Consortium blockchain: It is only controlled by pre-authorized nodes. it is controlled by a group of enterprises that agrees on regulations and users.

The structure of blockchain technology is represented by a list of blocks with transactions in a particular order. These lists can be stored as a flat file (txt. format) or in the form of a simple database. Two vital data structures used in blockchain include:

• Pointers - variables that keep information about the location of another variable. Specifically, this is pointing to the position of another variable.

• Linked lists - a sequence of blocks where each block has specific data and links to the following block with the help of a pointer.